For Charges and Disbursements:

Date

12/11/07

01/03/08
01/03/08

01/04/08

01/07/08
01/09/08

01/09/08
01/09/08
01/17/08
01/17/08
01/17/08
01/29/08

01/29/08
01/29/08

02/14/08

02/25/08
03/12/08
03/14/08

0.
0.

/17/08
17/08

oo

Description
Delivery - 9/10 Parcels’ Copy Center 105 West 7th Street

Wilmington, DE - NP Philadelphia, PA 19103

VENDOR: Sentner, Robert INVOICE#: SEN0304082 DATE:
3/4/2008

12/11/07:Philadelphia, PA:Train:Roundtrip Amtrak train fare to
Philadelphia to attend a settlement conference before Magistrate
Judge Strawbridge.

Lexis - 039875/000002

Postage 1/3/2008 Michael J. Cordone, Esq. Stradley Ronon
Stevens & Young 26

Spider Phone Conference: 459151 - R. Sentner Conference Call
(Philadelphia Asset)

Lexis - 039875/000002

LBEENE - Sentner/Robert C,Rail,NY Penn/Philadelphia/NY
Penn, 12/13/2007,12/13/2007

CBMMEN - Sentner/Robert C,Rail,NY Penn/Philadelphia/NY
Penn,12/11/2007,12/11/2007

MURTHB - Sentner/Robert C,Rail,NY Penn/Philadelphia/NY
Penn, 12/20/2007,12/20/2007

Mercury Inv#232990 dated 10/13/07 - 10/10 437 Madison Ave -
Alex Horsbrugh-Porter Ritch & Conolly - Grand Cayman
Mercury Inv#232990 dated 10/13/07 - 10/10 437 Madison Ave -
Patrick Shea Gowling LaFleur - Toronto

Mercury Inv#238405 dated 1/5/08 - 1/3 437 Madison Ave - Richard
Fogerty Kroll Ltd. - George Town

Photocopy

Fax Sent To: 267-299-5078 1/29/2008

VENDOR: Sentner, Robert INVOICE#: SEN0225081 DATE:
2/25/2008

01/29/08:Philadelphia:Hotel:Stay at Sofitel Hotel in Philadelphia for
R. Sentner while attending court hearings for client.

FKWSCV - Sentner/Robert C,Rail.NY

Penn/Philadelphia, 1/29/2008, 1/29/2008

Postage

Photocopy

Federal Express; Invoice 260802320; Airbill 790470225714; Date
03/14/2008; Shipped by Stephanie Schinella to United States District
Court Honorable Michael B. Baylson 601 MARKET ST RM 3810
PHILADELPHIA PA 19106 US

Photocopy

Photocopy

Amount

378.00

206.70
10.92

4.20

247.58
255.00

245.00
259.00
29.88
22.18
30.80
97.40

8.00
743.29

150.00

4.60
75.00
8.54

29.60
2.00


TIMEKEEPER SUMMARY

Timekeeper Rate Hours Fees

Partners

D. Drebsky 754.00 1.30 980.20

R. Sentner 714.00 101.00 72,114.00

Partners Totals 102.30 73,094.20

Associates

R. Bergmann 440.00 3.40 1,496.00

T. Duvdevani 478.00 25.40 12,141.20

Associates Totals 28.80 13,637.20

Paralegals

S. Schinella 195.00 0.30 58.50
Total All Timekeepers: 131.40 $86,789.90

For Charges and Disbursements:

Date Description Amount

10/01/07 VENDOR: Parcels, Inc.; INVOICE#: 6344; DATE: 10/1/2007 - 15.00
Outside Services 9/20 T. Thompson Delivery Charges(2 deliveries)

10/28/07 VENDOR: Sentner, Robert INVOICE#: SEN0304082 DATE: 4623.20
3/4/2008

10/28/07:London:Airfare:Roundtrip airfare to London, England for
R.-Sentner to -attend-client conference.

10/29/07 VENDOR: Sentner, Robert INVOICE#: SEN0304082 DATE: 824.15
3/4/2008
10/29/07:London:Hotel:Stay for R. Sentner at The Waldorf Hilton in
London , England while attending client meetings.

10/30/07 VENDOR: Sentner, Robert INVOICE#: SEN0304082 DATE: 72.00
3/4/2008
10/30/07:London:Parking:Parking fee for R. Sentner at JFK Airport
while in London to attend client meetings.

10/30/07 VENDOR: Sentner, Robert INVOICE#: SEN0304082 DATE: 32.00
3/4/2008
10/30/07:London:Train:Train fare for R. Sentner on Heathrow Rail
Link while in London attending client meetings.

11/01/07 VENDOR: Parcels, Inc.; INVOICE#: 13724; DATE: 11/1/2007 - 379.50
3,115 Blowbacks, PAAF Application, Mailed

11/01/07 VENDOR: Parcels, Inc.; INVOICE#: 8709; DATE: 11/1/2007 - 87.38


For Charges and Disbursements:

Date Description Amount
03/17/08 Photocopy 1.00
03/17/08 Postage 4.60
03/17/08 Postage 4.60
03/17/08 Postage 4.60
03/17/08 Postage 4.60
03/17/08 Postage 4.60
03/17/08 Postage 4.10
03/17/08 Postage 2.05
03/17/08 Postage 0.41
TOTAL CHARGES AND DISBURSEMENTS $8,871.48
TOTAL FOR MATTER -- MAN FINANCIAL CO.: $95,802.68

Total Fees $ 86,931.20

Total Charges and Disbursement $ 8,871.48

Total Time and Costs ........c00 $ 95,802.68

TOTAL FOR STATEMENT: $95,802.68


Mark Holligon
Philadelphia Alternative Asset Fund, LP

c/o Walkers

P.O. Box 2656T
Grand Cayman, CAY
British Virgin Islands

FEDERAL 1.D. NO. 16-0764720

Nixon Peabody LLP

Attorneys at Law

437 Madison Avenue
New York, NY 10022

(212) 940-3000

FAX: (242) 940-3411

Invoice No. 8992657
Account: 039875
Terms: Due Upon Receipt

FOR PROFESSIONAL SERVICES RENDERED through June 16, 2008, including:

MATTER NO. 000002

For Professional Fees:

MAN FINANCIAL CO.

Prepare submission regarding receiver's motion for
distribution with respect to option and LP funds; review
and analyze proposed UBS settlement; telephone
conferences with M. Holligon and J. Rodgers regarding

Prepare submission regarding receiver's motion for
distribution with respect to option and LP funds; review
and analyze proposed UBS settlement; telephone
conferences with M. Holligon and J. Rodgers regarding

Meet with R. Sentner to strategize and discuss papers in
response to Receiver settlement motion. Legal research

Date Timekeeper Hours Description of Services
01/02/08 __ R. Sentner 1.50

same.
01/03/08 __R. Sentner 4.50

same.
01/03/08 —-T. Duvdevani 5.00

regarding the same.
01/04/08 __R. Sentner 4.50

Prepare submission regarding receiver's motion for
distribution with respect to option and LP funds; review
and analyze proposed UBS settlement; telephone
conferences with M. Holligon and J. Rodgers regarding
same.


Legal research regarding New York law on negligent
misrepresentation. Review Receiver Motion and Man

Draft objections to receiver's proposed plan regarding

Legal research regarding Pennsylvania and New York law
on privity of contract and negligent misrepresentation.
Draft objections to receiver's proposed plan of distribution
of funds; numerous e-mails regarding settlement of UBS
and Directors' claims and revisions to covenant not to sue

Review and edit objections; add legal arguments. Discuss

Prepare objections to Receiver Distribution motion;
telephone calls and e-mails regarding UBS settlement.
Research and draft section for brief regarding

Prepare submission regarding distribution of assets per

Review objection to receiver's motion for disbursement of
funds; confer with R. Sentner regarding objection and
assist with ECF issues. Confer with S. Schinella regarding

Prepare and finalize submission regarding Receiver's

Electronically file Objection to Motion of Receiver for an
Order Authorizing a Second Interim Distribution and
Approving the Creation and Amount of Reserves.
Review message from CFCC regarding PAAF objection.
Review CFTC response to PAAF objection.

Draft message to R. Sentner with PAAF objection.

Review and analyze CFTC submission regarding

Analysis regarding receiver distribution proposal.
Review pleadings re proposed allocation; research re

Review and analyze Receiver's submission regarding
distribution motion; telephone conferences with R.
Fogerty and M. Cordone regarding same; legal analysis

Date Timekeeper Hours Description of Services
01/04/08 — T. Duvdevani 6.70

summary judgment papers.
01/07/08 _ R. Sentner 5.50

distribution of assets.
01/07/08 — T. Duvdevani 7.00
01/08/08 R. Sentner 3.50

and settlement agreement.
01/08/08 —_T. Duvdevani 6.20

same with R. Sentner.
01/09/08 __ R. Sentner 7.00
01/09/08 — T. Duvdevani 0.50

Pennsylvania fraud.
01/10/08 —_R. Sentner 5.50

Receiver's motion.
01/11/08 — R. Bergmann 1.90

service of objection.
01/11/08 R. Sentner 5.50

distribution motion.
01/11/08 S. Schinella 0.30
01/15/08 — R. Bergmann 0.10
01/15/08 R. Bergmann 0.30
01/15/08 — -R. Bergmann 0.30

Review PACER for objection.
01/16/08 — R. Sentner 1.00

distribution.
01/17/08 _ R. Sentner 2.50
01/18/08 D. Drebsky 1.30

above.
01/18/08 — R. Sentner 5.50

regarding same.
01/21/08 — R. Sentner 4.50

Prepare reply to Receiver submission regarding
distribution of assets; legal analysis regarding same:
review and analyze prior submissions of receiver.


Prepare for and conduct investors committee meeting;
prepare response to Receiver's submission regarding
distribution motion; revise same; telephone conferences
with M. Cordone and K. Duthill; telephone conferences
with R. Fogerty; analysis of distribution schemes.
Analysis of distribution issues; telephone conference with
joint liquidators and receiver regarding same.

Distribution proposal and counter-proposal; legal analysis
regarding bankruptcy and consolidation issues.

Analysis of distribution motion - prepare proposal

Prepare letter to Judge regarding distribution motion;
telephone conferences regarding same and analysis of

Confer with B. Sentner regarding response to CFTC reply

Prepare for hearing regarding distribution motion; finalize
letter to Judge Baylson regarding same; conference with

Prepare for distribution motion; conferences with R.
Fogerty regarding same; conferences with Clark Hodgson

Prepare for and conduct hearing regarding distribution

Review Order Settling hearing on distribution motion.

Review distribution decision and draft message to R.
Sentner and R. Fogerty regarding distribution decision.
Review entry of order regarding distribution hearing and

Telephone conferences with Receiver and his counsel, and
Receiver ad litem, and Joint Liquidators regarding
distribution and UBS settlement; revise draft objections

Communications regarding settlements.
Numerous telephone conferences regarding settlement

Telephone conference with Receiver's counsel and JOLs
and counsel regarding status and strategy; analysis of

Date Timekeeper Hours Description of Services
01/22/08 _ R. Sentner 5.20
01/23/08 __R. Sentner 3.20
01/24/08 __ R. Sentner 4.50
01/25/08 _ R. Sentner 4.20

regarding same.
01/28/08 — R. Sentner 4.10

documents regarding same.
01/29/08 — R. Bergmann 0.20

and proposal for hearing.
01/29/08 __ R. Sentner 4.80

R. Fogerty regarding same.
01/30/08 __ R. Sentner 9.50

and team regarding same.
01/31/08 __R. Sentner 7.50

plan.
02/12/08 — R. Bergmann 0.10
02/15/08 ~—-R. Bergmann 0.40
02/21/08 — R. Bergmann 0.10

confer with R. Sentner.
02/28/08 ~~ R. Sentner 3.50

regarding same.
03/03/08 — R. Sentner 1.00
03/05/08 __R. Sentner 1.50

discussions.
04/01/08 — R. Sentner 1.00

same.

TOTAL HOURS: 131.40

TOTAL FEES: $86,931.20